The industry of automobiles is back to its original form after the Government of India allowed the resolution of the operations after the ease of pandemic. To meet the demands of the customers Hyundai Motor India Limited has implemented few schemes in the market.
The customer who is willing to have a car loan they will be under car loan eligibility criteria for getting three kinds of schemes which are also known as 3 month low EMI scheme. EMI on the loan will be for 3,4 or 5 years. For all the models of the car, this scheme will be applicable. The three schemes are as follows-
The name of the first scheme is the Step Up scheme. According to the scheme a customer who is willing to purchase the car model of Hyundai is entitled to pay a loan EMI amount of rupees 1,234 per lakh rupees under this car loan scheme. This will be done based on a tenure of 7 years. While on the other side of the coin, from the next year there will be car loan interest rate of an increase of 11 % each year until the tenure of the loan repayment ends.
2nd scheme of the car loan is known as the balloon scheme. Are not willing to pay a large amount at present but can pay after work with the leftover amounts. One will have to pay for 10% lower EMI from the normal one that is from the first till the 59th month while the last repayment installment will be 25% of the repayment of the loan.
If we come across the third option. The third option is known as the longest duration scheme. According to this scheme, a person can reduce the burden of the repayment of the car loan to the smallest EMI subject to the maximum tenure of 8 years. This is done based on only some of the selected Hyundai car models.
All the offers, terms, and conditions to apply for car loan are different from each bank